USD/CAD Forecast March 24, 2017, Technical Analysis

USD/CAD daily chart, March 24, 2017

The USD/CAD pair initially tried to rally on Thursday, but found enough resistance to turn things around to form a shooting star. The shooting star of course is a negative sign but the massive hammer from a couple of sessions before should continue to be supportive. I think the market will simply chop around and follow oil in general. I still believe longer-term we will see this market go higher, but in the meantime, it looks like quite a bit of consolidation is probably on the docket over the next several sessions.